Consumer inflation fell to 15.5% in November

The annual consumer price inflation (CPI) fell to 15.5 per cent in November from 15.8 per cent the previous month, the Ghana Statistical Service (GSS) announced yesterday.
This means that, the November figure recorded a decrease of 0.3 percentage point from the October figure.
The monthly change rate for November was 0.8 per cent compared to the 1.4 per cent recorded for the month before.
According to the GSS, the reduction was driven by lower charges for utility and services.
Deputy Government Statistician Baah Wadieh explained at a news conference in Accra that the easing was mainly attributable to non-food group components such as utilities, and recreation and culture.
“The non-food group recorded a year-on-year inflation rate of 18.7 per cent in November, compared to the 19.4 per cent recorded for October,” he said.

Mr. Wadieh said year-on-year food inflation rose to 9.3 per cent from 8.7 per cent, recording monthly change of 0.8 per cent.

At the regional level, the year-on-year inflation rate ranged from 13.1 per cent in the Volta Region to 18.1 per cent in the Greater Accra Region.

Two regions — Greater Accra and Ashanti — recorded inflation rates above the national average of 15.5 per cent.
The November CPI figure brings the government closer to its year-end inflation target of 13 per cent, plus or minus two percentage points.
Ghana is implementing a three-year aid programme with the International Monetary Fund to remedy fiscal problems including inflation that for years has exceeded government targets.
The CPI measures changes over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2002, the base year, which has an index of 100.

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